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Research Update: India's Bank Of Baroda Rated ?BBB-' With Stable Outlook; ?BB' Rating Assigned To Notes
Standard & Poors, July 2007
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.
On July 10, 2007, Standard & Poor's Ratings Services assigned its 'BBB-' long-term and 'A-3' short-term counterparty credit ratings to India-based Bank of Baroda. The outlook is stable. Standard & Poor's also assigned a bank fundamental strength rating (BFSR) of 'C' on the bank. At the same time, Standard & Poor's assigned its 'BB' issue rating to Bank of Baroda's US$300 million upper Tier-II subordinated notes due in 2022. The differential between the 'BBB-' counterparty credit rating on Bank of Baroda and the 'BB' rating on its subordinated notes reflects the subordination and interest deferral features. This interest deferral feature is linked to compliance to the regulatory capital adequacy ratio (RCAR) and a profit test, which in turn is linked...
Companies mentioned in this report are: Bank of Baroda (Unsolicited Ratings)
Action: New Rating
Action: Outlook: Stable
Bank of Baroda (Unsolicited Ratings)